Derivatives
Altcoin Spot Trading Volume Surges to Nearly Four Times Bitcoin's
Altcoins are currently experiencing a significant surge in trading activity, with spot trading volume reaching nearly four times that of Bitcoin, according to data from the on-chain analytics firm Glassnode. This marks the highest ratio recorded since September 2025.
The Altcoin Season Index has also seen a notable increase, rising to 62% as of late September, up from 50% just a week earlier and 33% a month prior. In the week ending September 22, approximately 72.5% of altcoins tracked by Glassnode outperformed Bitcoin, a substantial increase from 39% during a similar surge in August.
Furthermore, 87% of altcoins listed on Binance were trading above their 200-day moving averages by late September. However, despite the increase in spot trading volume, the perpetual futures open interest for altcoins showed negligible growth over the past month, indicating a divergence from previous market tops.
Glassnode's analysis suggests that similar spikes in altcoin volume relative to Bitcoin have historically coincided with local price peaks for Bitcoin itself. The report also highlighted a significant rise in altcoin deposits flowing to exchanges, which often precedes selling activity as traders move assets to convert them into cash or stablecoins.
In contrast, Bitcoin spot cumulative volume delta has decreased significantly, and the perpetual futures delta is negative, indicating a complex market dynamic where profit-taking among retail clients is occurring alongside substantial inflows into Bitcoin ETFs.
FAQ
What is the current trading volume of altcoins compared to Bitcoin?
Altcoins are currently experiencing a trading volume that is nearly four times that of Bitcoin, marking the highest ratio recorded since September 2025.
What is the Altcoin Season Index and what is its current status?
The Altcoin Season Index measures the performance of altcoins relative to Bitcoin. As of late September, it has risen to 62%, up from 50% a week earlier and 33% a month prior.
How many altcoins outperformed Bitcoin in the week ending September 22?
Approximately 72.5% of altcoins tracked by Glassnode outperformed Bitcoin in the week ending September 22, a significant increase from 39% during a similar surge in August.
What does the increase in altcoin deposits to exchanges indicate?
The significant rise in altcoin deposits flowing to exchanges often precedes selling activity, as traders move assets to convert them into cash or stablecoins.
What does the decrease in Bitcoin's spot cumulative volume delta suggest?
The decrease in Bitcoin's spot cumulative volume delta, along with a negative perpetual futures delta, indicates a complex market dynamic where profit-taking among retail clients is occurring alongside substantial inflows into Bitcoin ETFs.